![]() And overvaluation may be more the rule than the exception: The National Taxpayers Union estimates between 30-60% of the property is over-assessed. A valuation of the property in question, obtained from an independent valuation provider, is critical to building an ad valorem case. Successful appeals of personal property ad valorem tax can save businesses a considerable amount of money when industrial commercial equipment and machinery have been overvalued by the county tax assessor. If an appeal is warranted, property tax savings can be immediate and may even include prior year appeals. When it comes to ad valorem personal property taxes, the largest taxpayers in a tax jurisdiction may be and often are paying a disproportionate tax burden. As discussed earlier, the client defines the intended use of the appraisal, but it is the appraiser’s responsibility to select or accept the proper definition of value associated with the intended use of the appraisal.” Each appraisal purpose requires that an appropriate level, type, or definition of value be selected. Appraisals are required for a variety of purposes, including allocation of the purchase price bankruptcy condemnation dissolutions of marriage, partnerships, and corporations financing insurance leasing management considerations mergers and acquisitions partnership formation and dissolution transfer of ownership various types of taxation and tax planning and utility rate making. The ASA’s “Valuing Machinery and Equipment: The Fundamentals of Appraising Machinery and Technical Assets, 3 rd Edition” defines appraisals as follows: “Appraisals of machinery, equipment, and other business assets have a wide field of application. The Importance of ASA Certified Appraisals Publishing articles in professional journals and valuation or specialty-related speaking engagements also provide ASA appraisers with re-certification points. To re-certify they must provide proof of professional growth through continuing education, participation in society activities, and the completion of updated USPAP courses. ![]() Ī lesser level of designation, Accredited Member (AM), requires only two years of documented appraisal experience in addition to all of the other requirements.Īppraisers in the ASA are subject to a mandatory re-accreditation process every five years.
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